Thoma Bravo divests all its stake in exchange operator Nasdaq, source says

By Jaiveer Shekhawat and Pritam Biswas

(Reuters) -Private equity firm Thoma Bravo has sold its remaining stake in Nasdaq for approximately $3.4 billion in two separate transactions, a source familiar with the matter told Reuters on Thursday.

A block of approximately 25.5 million shares was divested on Tuesday, sold to JPMorgan for $80.68 each, according to the source.

Earlier, the PE firm had sold 17.33 million shares at $77.90 each on May 7, 2025, trade, raising $1.35 billion, a filing with the Securities and Exchange Commission last week showed.

Nasdaq and Thoma Bravo declined to comment.

In 2023, Nasdaq struck a $10.5 billion cash-and-stock deal to buy fintech firm Adenza from Thoma Bravo, giving the PE firm a sizeable stake in the transatlantic exchange operator.

Thoma Bravo first sold 41.6 million shares in Nasdaq through a secondary public offering, raising about $2.72 billion, in July last year.

Borse Dubai, which last year trimmed its stake in Nasdaq to 10.8% from 15.5%, remains the largest shareholder of the exchange operator.

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